Cryptojacking has taken over from ransomware as the more popular form of digital extorition, according to a new report from Skybox Security.

The results were revealed as part of the firm’s mid-year update, and showed that crypto miners now account for 32 per cent of cyberattacks, dwarfing ransomware at 8 per cent.

This is almost a complete reversal from the second half of 2017, when ransomware accounted for 32 per cent and cryptojacking 7 per cent.

The report said: “If 2017 was the year of ransomware, 2018 looks likely to go down as the year of cryptominers… Cryptomining malware is often able to run undetected, making money for attackers all the while, and goes directly to the source (i.e. where and how the money is produced) to make a profit rather than extorting individual victims. Cybercriminals seem all too happy to leverage these benefits.

“Cryptocurrency miners may be the new kid on the block, but they’re taking over. With high-profit opportunity and a low chance of being discovered or stopped, this malware tool provides a money-making safe haven for cybercriminals.”